How To Sell A Distressed Property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas

distressed house north east If you’re looking to sell a distressed property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas, we’ll cover the options you have available. Traditional listings for this type of property are not suggested as they don’t attract most buyers, take far too long, and are too costly for most owners of a distressed property.

Life can bring unexpected changes that leave you searching for solutions. Homes can fall into states of disrepair for all sorts of reasons, whether it’s because of a death, divorce, illness, or job loss, leading to lost income or a forced relocation.

Let’s dive into some of the options to sell a distressed property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas

Professional Buyers

There are always two sides to everything and this holds true when considering how to sell a distressed property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas. Let’s explore using the service of a professional cash buyer when you’re selling. Due to the nature of cash sales, you’ll benefit time-wise because of the ability to perform extremely quick closings.

Additionally, the sale is as-is and there won’t be any hanging around while you wait for the right buyer. You’ll also be able to avoid spending time and money on repairs. Another advantage is you’re not carrying any legal risk, as you would with an estate agent, and because most professional buyers pay all of the legal costs, you’ll save money too.

Now, because the professional buyer is taking all of the risks, and offering the advantages of a quick cash sale, their offers are usually below the market rate. A word to the wise, do your research on who you’re dealing with. Regrettably, there are unscrupulous buyers who may try to take advantage of time or financial constraints they learn you’re up against. 

Do-It-Yourself

Selling a distressed property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas on your own may sound appealing because you’re in charge. Additionally, you won’t be responsible for an agent or auctioneer fees, which can take a chunk out of your final lump sum. If you’re knowledgeable on marketing and all of the legalities involved, while you may need to invest a great deal of time, you can save money by handling everything yourself.

Conversely, if you’re inexperienced in marketing and legalities, then selling on your own isn’t usually a good idea. You could potentially lose a lot of profit and inadvertently find yourself in a legal minefield.

Professional Auctioneers

Property auctions rarely imitate art, where fantastic prices are realised in movies and on television. Avoiding the headaches of countless viewings in your home is one of the benefits of an auction. Additionally, properties that sell at auction usually close within 30 to 60 days and sell as-is, so you won’t need to continue to pour time and money into repairs and upkeep of your distressed property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas.

While there are advantages to using a professional auctioneer, keep in mind the usual fee for their service is a rather high upto 10 percent of the final purchase price. Should the bidder be responsible for the auctioneer’s fee, lower bids overall are incentivised. Otherwise, you’ll be responsible for their fee, absorbing additional costs.

Due to the nature of auctions, the outcome isn’t guaranteed and your property may be auctioned on a quiet day, with very few buyers going for it. There is also the innate competition when a high volume of properties is up for auction at the same time, leading to lower bids.

No matter which you choose, make educated decisions by taking the time to understand all of your options. Would you like to learn more about how we can help you sell a distressed property in the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas? Just call We Buy Homes North East today at 0191 369 2088 or send us a message any time.

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